Global economy will suffer for years to come, says OECD - BBC News - 0 views
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The world will take years to recover from the coronavirus pandemic, the Organisation for Economic Co-operation and Development has warned.Angel Gurría, OECD secretary general, said the economic shock was already bigger than the financial crisis.
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The world will take years to recover from the coronavirus pandemic, the Organisation for Economic Co-operation and Development has warned.Angel Gurría, OECD secretary general, said the economic shock was already bigger than the financial crisis.He told the BBC it was "wishful thinking" to believe that countries would bounce back quickly.
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Mr Gurría said a recent warning that a serious outbreak could halve global growth to 1.5% already looked too optimistic.
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While the number of job losses and company failures remains uncertain, Mr Gurría said countries would be dealing with the economic fallout "for years to come".
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"Even if you don't get a worldwide recession, you're going to get either no growth or negative growth in many of the economies of the world, including some of the larger ones, and therefore you're going to get not only low growth this year, but also it's going to take longer to pick up in the in the future,"
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the reason is that we don't know how much it's going to take to fix the unemployment because we don't know how many people are going to end up unemployed. We also don't know how much it's going to take to fix the hundreds of thousands of small and medium enterprises who are already suffering
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Mr Gurría called on governments to rip up borrowing rules and "throw everything we got at it" to deal with the crisis.
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However, he warned that bigger deficits and larger debt piles would also weigh on heavily indebted countries for years to come.
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Mr Gurría said that just weeks ago, policymakers from the G20 club of rich nations believed the recovery would take a 'V' shape - with a short, sharp drop in economic activity followed swiftly by a rebound in growth."It was already then mostly wishful thinking," he said.
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It's going to be more in the best of cases like a 'U' with a long trench in the bottom before it gets to the recovery period. We can avoid it looking like an 'L', if we take the right decisions today."